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The euro fell against the majority of its most-traded counterparts after Fitch Ratings cut its rating on Spain and Italy, highlighting the potential for region’s debt crisis to spread.
The 17-nation currency erased gains versus the dollar as Fitch cited factors including vulnerability to the “euro-zone crisis.” The dollar pared losses against the Mexican peso and Australia’s dollar as demand increased for a refuge from the fallout of Europe’s debt crisis. The euro and other higher- yielding currencies gained earlier after a report showed U.S. employers added more jobs than forecast last month.
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